Starafrica Corporation reported a 37% increase in turnover, reaching ZiG 523.9 million for the six months ending in September 2024, compared to ZWL 381.8 million in the same period last year.
This growth was driven by enhanced product supply and the reinstatement of import duties, which helped the company respond to market demand despite economic challenges.
The company also recorded a profit of ZiG 25.6 million, a significant turnaround from a loss of ZiG 86.9 million in the previous year. This improvement highlights Starafrica’s commitment to cost-optimization and operational efficiency.
ALSO READ: TIMB Extends Deadlines for Tobacco Buying Licenses in Zimbabwe
Chairman Dr. Rungamo Mbire attributed the increase in sales volumes to better product supply and the return of import duties on sugar. Starafrica has also been engaging with the government to address the issue of illegal sugar imports, which continue to impact the domestic market despite the repeal of Statutory Instrument 80 of 2023.
Goldstar Sugars (GSS), a subsidiary of Starafrica, saw impressive results, with production and sales up 66% and 55%, respectively. This growth was fueled by resolved raw sugar supply issues and the reintroduction of import duties. However, ongoing power outages and reliance on costly diesel generators remain challenges for the company.
Country Choice Foods (CCF), another subsidiary, achieved a 5% increase in sales of sugar specialty products. CCF’s ability to adapt its product offerings to meet shifting consumer demand allowed it to maintain competitiveness in a tough market.
